Broadcom (NASDAQ:AVGO) Trading Up 1.8% Following Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s share price rose 1.8% on Thursday after Mizuho raised their price target on the stock from $310.00 to $315.00. Mizuho currently has an outperform rating on the stock. Broadcom traded as high as $275.80 and last traded at $274.76. Approximately 4,030,326 shares changed hands during trading, a decline of 86% from the average daily volume of 28,663,414 shares. The stock had previously closed at $269.90.

Other research analysts have also recently issued research reports about the company. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. UBS Group increased their price objective on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. KeyCorp raised their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Bank of America upped their target price on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $281.46.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock worth $221,433,761 over the last three months. 2.00% of the stock is owned by corporate insiders.

Institutional Trading of Broadcom

Several large investors have recently bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the first quarter worth $25,000. Cheviot Value Management LLC purchased a new position in Broadcom during the 1st quarter valued at about $25,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the fourth quarter worth about $26,000. Inlight Wealth Management LLC purchased a new stake in Broadcom in the first quarter worth about $26,000. Finally, Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at approximately $28,000. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Up 1.8%

The stock's 50 day simple moving average is $235.38 and its two-hundred day simple moving average is $216.81. The firm has a market cap of $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.92 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 earnings per share. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.